AmTrust Direct Review

AmTrust Direct Review

AmTrust Direct is an online bank that specializes in web-based CD accounts.

AmTrust Direct is an Internet bank whose parent bank, AmTrust, was headquartered in Cleveland, Ohio, until 2009. At that time, the Ohio bank went bankrupt and New York Community Bank took over its accounts. New York Community Bank was founded in 1859. Some NYCB branches throughout the nation retain the AmTrust name as does the online AmTrust Direct bank.

Online CDs

AmTrust Direct specializes in the online CD. This allows web customers a fast and easy method of opening a CD. It is possible to open a CD with this bank with a minimum of $1000. CD account periods can be as short as six months or as long as five years. An automatic CD renewal option is available. Online banks typically have lower overhead costs and can offer a higher interest rates than brick-and-mortar institutions.

Other accounts

Although this bank specializes in CDs, it does also offer other types of accounts including an online money market account and an online savings account. The bank allows easy transfer of funds between accounts for people who wish to open a CD using the money in their online savings account. AmTrust does not offer a checking account.

Deposit insurance

AmTrust Direct deposits are FDIC-insured to a maximum of $250,000 per depositor.